If you are in window mode, there is a minimize button in the title bar just like in other applications. The Settings Window cannot be minimized, but it can be closed and re-opened at any time.
If you are in full-screen mode, move the mouse to the upper-right corner of the screen. The minimize and close buttons will appear when the mouse is close enough.
To deal with the flashing status messages, edit the Status Messages on the Preferences Tab. Or for a shortcut, just check "Disable status messages" on the Controls tab.